RIL, IDBI Bank, Petroleum Marketing Companies, NBFC, HDFC
NEW DELHI: Here are 10 stocks that could be in focus on Wednesday:
Trust Industries: In partnership with Assets Care & Reconstruction Enterprise became the highest bidder in the second round of bidding for the bankrupt bid of Sintex Industries Ltd ₹3,405 crores, while Himatsingka Ventures ₹The 3,297 crore bid was the second highest.
IDBI Bank: The Center is seeking to launch the privatization of IDBI Bank this month, with the KPMG adviser contacting several suitors, including large private equity buyout funds and long-only funds, inviting them for a round next week. It will be a virtual interaction, involving government officials and bank management.
HDFC: CLSA upgraded its rating on mortgage lender Housing Development Finance Corporation to ‘buy’ from ‘outperform’, and maintained the price target of ₹3,050, implying 30% upside potential. Shares of HDFC rose nearly 2% on Tuesday to end at ₹2,339.90. The improved risk versus reward is the primary reason for the upgrade, CLSA said.
Petroleum marketing companies: State-Owned Petroleum Retailers Must Raise Gasoline and Diesel Prices By ₹5-6 per liter to bring them in line with the out of control international prices. The CMO has kept prices unchanged for more than 100 days now, given Assembly polls in several states.
NBFC: The Reserve Bank of India has given non-banking financial companies an additional six months to comply with new standards for the recognition of non-performing assets (NPA). Previously, March 31 was the deadline for non-bank lenders to upgrade NPAs only after payment of all arrears and principal due. The RBI has clarified that loans classified as NPA will only be upgraded to the standard category if all dues are paid.
Capital Dependency: Reliance Capital’s lenders have reached agreement on an expression of interest (EOI) document which will be presented by the company’s administrator to potential bidders. The EOI could be ready as early as Friday. The RBI-appointed administrator will seek NCLT’s approval for the proposed EoI terms.
Srei Group: The company’s promoters approached the National Company Law Tribunal challenging a forensic audit of KPMG, which had been ordered by bankers. The bankers had instructed KPMG to carry out a forensic audit in March 2021 as they considered an overhaul of the loan. A special RBI audit in November 2020 had identified several related party relationships in their businesses.
Aditya Birla Fashion and Retail: Aggressively made inroads into Indian ethnic apparel, including designer brands and internet-first ventures, by incubating or acquiring new-age digital fashion and beauty brands. The company could invest in and build up to 30 top internet brands over the next 3-5 years.
SpiceJet Ltd: published a consolidated net profit of ₹42.45 crore in the three months ended December 31 compared to a loss of ₹66.78 crore in the prior year quarter, mainly due to compensation claimed for the grounding of Boeing 737Max aircraft. Consolidated net sales increased by 43% year-on-year to ₹2,677.34 crores.
Burger King India: The company closed its qualified institutional placement issue and finalized the issue price at ₹129.25 per share, a 5% discount to the floor price of ₹136.05 per share.
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